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PSC Register: Update - Further Guidance published

From 6 April 2016, the vast majority of companies incorporated in the UK will have to maintain a register of persons with "significant control" over them (a "PSC Register"). The expectation is that each such company will have a PSC Register in place on 6 April with one of the prescribed statements in it. Failure to do so will be a criminal offence and may result in a fine/or a prison sentence of up to 2 years. Similar rules apply to LLPs. This is our third alert about the new regime.

This guidance is quite lengthy (47 pages) but helpful to anyone grappling with the new regime and its practical implications for persons with significant control and directors of registrable legal entities.

In particular, the guidance explains what information PSCs must provide to UK companies and how to respond to notices from them.

Next Steps

Companies and LLPs should carefully review the guidance now available and consider who are the person(s) with "significant control" over them. From 6 April 2016, all UK companies will need to have appropriate entries in their PSC Registers. Companies with complicated ownership structures, for example involving overseas shareholders, will be particularly affected.